what does assumable mortgage mean

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Are VA Loans Assumable – Military Mortgage Center – An assumable mortgage simply means that it can be taken over by someone else .. and the original borrower is released from all mortgage liability for that loan.

How Does an Assumable Mortgage Work? | Legalbeagle.com – How Does an Assumable Mortgage Work? By Carrie Perles. Definition. Normally, an individual who wants to buy a house will go to a bank and take out a mortgage in order to finance the home purchase. However, an alternative to this process is the assumable mortgage. With an assumable mortgage, the.

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What does assumable mean? – Definitions.net – What does assumable mean? Definitions for assumable assumable Here are all the possible meanings and translations of the word assumable. Wiktionary (0.00 / 0 votes) Rate this definition: assumable (Adjective) Of or pertaining to assumption.

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what does "Assumable Loan " mean if someone is selling a home. – Best Answer: An assumable loan is one that the lender will allow a new buyer of the property to legally assume the mortgage from the seller of the property. The lender normally charge one point for this transaction. You also have to qualify under the lender’s guide lines. So your credit score and other credit will have a bearing on if you will

What is an Assumable Mortgage? An assumable mortgage allows a buyer to take over a seller’s home loan. Not all loans are assumable – typically just some FHA and VA loans are assumable. An assumable mortgage is one that a buyer of a home can take over from the seller – often with lender approval – usually with little to no change in terms, especially interest rate.